Brent Cross leases on residential properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Brent Cross will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and steps to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a landlord in Brent Cross,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brent Cross valuers.
William was the the leasehold proprietor of a conversion apartment in Brent Cross being marketed with a lease of just over 59 years remaining. William informally approached his landlord being a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were William to invoke his statutory right. William procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Ms T Nguyen acquired a recently refurbished flat in Brent Cross in November 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparable premises in Brent Cross with 100 year plus lease were in the region of £174,200. The average ground rent payable was £55 collected yearly. The lease expired on 28 August 2076. Taking into account 51 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus legals.
An example of a Lease Extension matter before the tribunal for a Brent Cross residence is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case affected 1 flat. The remaining number of years on the lease was 71 years.